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CANADA STOCKS-Information technology shares drag TSX lower, Dec CPI in focus

Shubham Batra
·2 min read

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Information technology sector top loser

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Thomson Reuters up as it takes 54% stake in Pagero

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TSX down 0.1%

(Updated at 10:07 a.m. ET/ 1507 GMT)

By Shubham Batra

Jan 15 (Reuters) - Canada's main stock index edged lower on Monday, led by losses in shares of information technology, while investors awaited the domestic inflation report later in the week for more clues on the Bank of Canada's (BOC) interest rate path.

At 10:07 a.m. ET (15:07 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 28.75 points, or 0.14%, at 20,961.47.

The information technology sector led the decline, falling 0.6%, after a stellar run in the previous week buoyed by hopes of early rate cuts this year.

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The biggest catalyst for the market this week would be the consumer price index (CPI) data for December, due on Tuesday, that will provide fresh clues to investors on how soon the BOC will start cutting interest rates.

According to a Reuters poll of economists, CPI is expected to contract 0.3% in December compared with growth of 0.1% a month ago.

Volumes were low as U.S. markets were closed on Monday for the Martin Luther King Jr. holiday.

In other data, Canadian firms expect sales to slow as interest rates crimp consumer spending and they see inflation easing despite increased concerns over wages, the central bank said on Monday in a fourth-quarter survey.

"Business sentiment has continued to deteriorate into year-end with monthly PMIs showing further erosion of business activity and new orders, alongside further relief for input/output prices," strategists at TD Securities said in a note.

Shares of Thomson Reuters rose 1.2% after the company raised its offer to buy Sweden's Pagero by 25% to about $789 million and said it now controls about 54% of the company.

Canada stocks ended the week at their highest level in 21 months on Friday, boosted by gains in technology shares, bullish technical bets and optimism sparked by U.S. data suggesting the possibility of early Fed rate cuts.

(Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Mark Porter)